Today - the majority of all business owners can be classified as Baby Boomers and are generally over the age of 50. In the next 10 - 15 years we will begin to see that these individuals are ready to begin exiting from their businesses. Those who have adequately prepared themselves, well in advance of this major life event, will come out as winners.

An exit strategy is a written plan for the succession of a business interest. A well thought out and properly crafted exit strategy utilizes the owners personal and business goals to develop the exit plan. All business owners can benefit from an exit plan strategy, prior to a business transition or retirement, regardless of their age or the stage in the life cycle of the company.

To ensure long term and short term goals are met, the exit plan is a powerful business and personal planning tool that should never be overlooked. A carefully thought out and crafted exit plan serves as a road map for business success and wealth preservation. An exit plan asks and answers all the important questions that business owners and their advisors must consider. In the ideal world, business owners would begin developing their exit plans when they start their businesses.

Did you know that your business is an Illiquid asset? And that most of your wealth is tied up in this business?

If you are within 5 - 10 years of retirement, how do you plan on exiting from your business while preserving your wealth & maintaining your lifestyle?

You must ask yourself these (3) Questions:

1. Is my business salable or what can I do to improve the saleability of my business?
If you were to put your business on the market today - would you get an asking price that you could live with? If not, what can you start to do now to improve saleability? Is the business turn-key? Are company policies and procedures documented to provide for a smooth transition for a new owner? These are just some of the questions that you must ask yourself.

2. What is my business worth?
You might have a figure in your head -but this figure is often based on emotional factors. One way to get a good third party opinion is to hire an expert experienced in business valuations.

3. How can I exit from my business and maintain my current lifestyle?
Your business provides for you and your family. It pays your bills, your living expenses, your medical needs and it funds your retirement. If you are contemplating an exit from your business - whether you plan to retire or just transition into another income producing venture - you have to know how much money you will need to maintain your lifestyle.